Goldman Sachs has unveiled its top global stock picks for December, highlighting five it rates with an upside of 70% or more. They are: Autonomous vehicle chipmaker Horizon Robotics China's Horizon Robotics could see an upside of 94% thanks to an upgrade in its product mix, designed to "capture high end smart-driving demand," according to Goldman. The firm develops AI chips for self-driving cars. Goldman analysts said its stock would be worth 15.30 Hong Kong dollars ($1.97) in the next 12 months due to competitor analysis and operating profit growth. Key downside risks include stronger-than-anticipated competition or pricing pressure in the auto supply chain pricing pressure, which Goldman said may come from slowing demand. The company's performance could be affected if it doesn't upgrade its product base or attract enough new customers, the note stated. It added that geopolitical tensions present supply chain risks. Horizon Robotics' share price has risen 130% year-to-date. Goldman is watching for the mass production of its J6P chip and driving assistance software HSD. Taiwanese tech firm Hon Hai Goldman tips Taiwanese technology firm Hon Hai for accelerated growth due to artificial intelligence servers and smartphones. The company's products include consumer electronics and cloud services. It sees a potential upside of 77% and rates the stock buy. Goldman said Hon Hai should be valued at 21-times earnings, based on competitor analysis, giving it a 12-month price target of 400 New Taiwan Dollars. Weaker-than-expected performance in its AI servers business and electric vehicle services poses risks to the company's performance, Goldman said, as does a slower ramp-up of global capacity and "fiercer-than-expected" competition in manufacturing consumer electronics. The technology firm's stock price is up over 24% year-to-date. Hon Hai's 2025 earnings are expected in March. German online retailer Zalando Goldman improved its outlook for online retailer Zalando . In November's list , it gave the German company an upside of 77%. In December, analysts expect an upside as high as 90%, calling Zalando an "online channel shift winner with underappreciated upside from About You acquisition." The About You deal was completed earlier this year. Zalando delivered strong third-quarter results in November, after the stock fell 4.4% in October. Goldman attributed the fall to investor concerns over consumer cautiousness in Europe and potential disruption from AI. Goldman's managing director Richard Edwards "continues to believe the market under-appreciates Zalando's ability to drive both topline performance" and earnings before interest and taxes margin expansion, and "thinks that its current valuation is too low" for a business which should grow earnings 20% each year for the next five years, the note said. Zalando's share price has fallen 26% year-to-date. India-based travel company MakeMyTrip India-founded online travel company MakeMyTrip has "catalysts in place for growth recovery," Goldman said, giving it an expected upside of 72%. The investment bank has a buy rating on the name, which has a 12-month price target of $123 due to future cash flows, earnings multiples and possible M & A value. But "key risks to our investment view include weaker-than-expected travel demand, higher competition, pressure on take rates and sub-optimal capital allocation," the note said. Shares in MakeMyTrip, which is listed in the U.S., have moved 37% lower year-to-date. Investors will be watching the firm's third-quarter earnings for the 2026 fiscal year, expected in January. U.K. finance firm Wise British finance firm Wise is a "long term cross border payments winner with best-in-class technology and infrastructure," according to Goldman, which gives a 70% upside. Wise shed 8.5% of its value between October and November after it posted results for the first half of the 2026 fiscal year. Its share price is down 20% year-to-date. Consensus margins came down on higher operational expense plans and one-off costs associated with the company's plans for a double listing in the U.S . Goldman's note said its analyst, Mo Moawalla, "thinks the company is investing for future growth and maintains a positive view on its robust structural growth story with multiple upside levers." Analysts will be watching its third-quarter financial year 2026 trading update in January.
